Rough waters for Emerald

Gwen Kaufmann - Wednesday, November 11, 2020    

Emerald has cancelled 94 events and has not staged an in-person event since the middle of March 2020. In total, these cancelled events accounted for approximately $236 million of 2019 revenues. For the third quarter of 2020, Emerald reported revenues of $8.5 million compared with revenues of $75.6 million for the third quarter of 2019, a decrease of $67.1 million, or 88.8%. The decrease primarily reflected a $68.0 million reduction from the cancellation of substantially all third-quarter events due to the COVID-19 crisis, most notably ASD August, NY NOW August, CEDIA Expo and Modern Day Marine. The company recognised a net loss of $15.3 million for the third quarter of 2020 compared with a net loss of $19.7 million for the third quarter of 2019. Meanwhile, $16.1 million of Other Income were recorded during the third quarter as a result of the confirmation of event cancellation insurance claims related to events cancelled in the first, second and third quarters. Brian Field, Emerald's interim president and chief executive officer, said, "As we work towards a return to live events, we continue to implement our growth strategies designed to improve the efficiency of our operations, accelerate organic sales growth and improve our profitability. Our team is focused on using this time to launch new digital product offerings and revenue models designed to complement our live events, as we engage our current customers, drive new customers and enhance Emerald's growth profile. During the third quarter, we hosted over 90 digitally-delivered virtual events across a variety of formats and form factors. While these have been successful and provide new, high-margin revenue streams, the consistent feedback from our customers is that the face-to-face format of our events provides a critical value to our customers' success." (kf)


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Categories and Tags

Markets | Corona Virus | Advertorial | Emerald | COVID-19 | ASD August | NY NOW August | CEDIA Expo | Modern Day Marine | USA | Americas | Brian Field